LISBON, Oct 29 (Reuters) - Portugal's largest utility, EDP
, reported on Thursday an 8% drop in its 9-month net
profit to 422 million euros ($499 million), hit by lower demand
in Iberia and Brazil primarily due to the COVID-19 pandemic and
closure of a major coal plant.
"EDPs net profit dropped ... with electricity prices and
demand falling significantly despite some recovery in the third
quarter," EDP said in a statement, without providing quarterly
It said the pandemic had a negative impact of 54 million
euros on net income. The company also booked 247 million euros
of non-recurring costs, including those related to the closure
its coal plant in Sines.
The company, whose main shareholder is China Three Gorges,
said its consolidated earnings before interest, taxes,
depreciation and amortisation (EBITDA) dipped 2% to 2.63 billion
euros between January and September from a year ago.
Excluding exchange rates effects, particularly from Brazil
where EDP owns a major utility, recurring EBITDA grew 3%, EDP
Net debt fell 6% to 13 billion euros from a year ago, while
capital expenditure rose 37% to 1.8 billion euros in the nine
months of the year, 95% of which in renewable energy and grid
Earlier on Thursday, EDP's wind energy unit EDP Renewables
, reported a 7% fall in net profit to 319 million
EDP said it has total cash and available liquidity
facilities worth 7.7 billion euros covering its refinancing at
least until 2023.
($1 = 0.8461 euros)
(By Sergio Goncalves, Editing by Victoria Waldersee, Andrei
Khalip and David Gregorio)